- “Fiscal Consolidation and Public Debt” (with Sakai Ando, Prachi Mishra, Adrian Peralta-Alva and Andrea Presbitero), CEPR Discussion paper DP18548, Revise and Resubmit, Journal of Economic Dynamics and Control
- “Public Debt Dynamics and the Impact of Fiscal Policy” (with Adrian Peralta-Alva), IMF Working Paper No. 2024/087, Revise and Resubmit, Journal of International Economics.
- “The original sin redux: a model based evaluation” (with Boris Hofmann and Steve Wu)
- “Dollar invoicing, global value chains, and the business cycle dynamics of international trade” (with David Cook), Journal of International Economics, 2023 (Volume 145)
- “International Trade Finance and the Cost Channel of Monetary Policy in Open Economies”, BIS Working Papers No. 539, International Journal of Central Banking (October 2021).
- “Global Value Chains and Effective Exchange Rates at the Country-Sector Level” (with Zhi Wang and Shang-Jin Wei), Journal of Money, Credit and Banking 51 (2019): 7-42.
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Research & Publications
Publications and working papers
Work in progress
- Trade Barriers and Exchange Rates ( with Rudolfs Bems and Han Sun)
- Monetary Transmission in Emerging Markets: a High Frequency Approach (with Yavuz Arslan and Fatih Altunok)
- Global Value Chains and Multinational Activity (with Shang-Jin Wei)
- Global Value Chains: trends and drivers over the last five decades (with Raphael Auer, Burcu Erik and Taejin Park)
- Original sin redux, hedging costs and the migration of currency mismatches (with Mai Dao, Pierre-Olivier Gourinchas and Lorena Keller)
Publications in policy journals
- “The Anatomy of Public Debt Reductions: Case of India”(with Prachi Mishra)
- “Coming Down to Earth: How to Tackle Soaring Public Debt”, IMF World Economic Outlook, April 2023, Chapter 3.
- “FX execution algorithms and market functioning” Markets Committee Papers , No 13.
- “Trade credit, trade finance and the Covid-19 crisis” (with Frederic Boissay and Hyun Song Shin), BIS Bulletin No. 24, July 2020. [Annex] [Data]
- “Offshore markets drive trading of emerging market currencies” (with Dora Xia), BIS Quarterly Review, December 2019.
- “Does the financial channel of exchange rates offset the trade channel?” (with Jonathan Kearns), BIS Quarterly Review, December 2016.
Research notes and other papers
“FX interventions: goals, strategies and tactics” (with Paolo Cavallino), BIS papers No. 104, 2019
“Dollar invoicing, exchange rates and international trade”(with David Cook), BIS papers No. 96
“Macroprudential frameworks: Cross-border issues”, BIS papers No. 94
“Macroprudential frameworks: Communication”, BIS papers No. 94
“Measuring inflation”(with Agustin Villar), BIS papers No. 94